Combine sugar and water in a medium saucepan.

Wash down the sides of the saucepan with a wet pastry brush to remove sugar crystals.

Cook over moderately high heat until an amber caramel forms (about 8 minutes).

Remove from heat.

Stir in heavy cream, unsalted butter, ground cardamom, ground ginger, cinnamon, kosher salt, freshly ground pepper, ground cloves, and freshly grated nutmeg.

Return the saucepan to the heat and cook for 1 minute, stirring until the caramel is smooth.

Transfer the caramel to a bowl.

Let cool for about 30 minutes before serving.

Serve warm or at room temperature.